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Sat, May 28
A Compendium of Property & Capital News
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May 28
A Compendium of Property & Capital News

Commonwealth Commercial Trades Needham Flex Portfolio For $18.5M

February 11, 2022
Aerial: Gould St, Kearney Rd, Ellis St & Hampton Ave in Needham MA

NEEDHAM — One would be hard-pressed to find a better-located assemblage of commercial real estate assets along the central 128 belt than the flex collection of properties between Gould St, Kearney Rd, Ellis St & Hampton Ave in Needham.

Comprised of roughly 3.45 acres of land, the portfolio is improved by multiple buildings containing 77,300 square feet of extremely well cared for multi-tenanted Flex space. In addition, according to Stefan Frey, Principal of Commonwealth Commercial advisors, “the portfolio offers ideal highway access being located less than half a mile from the Highland Ave. exit, off I-95/128.” Frey and his team exclusively represented the legacy ownership and procured the buyers, an affiliate of Newton-based, Intrum Corporation - completing the sale of the Needham portfolio for $18,500,000.

Under the stewardship of the Tocci family for over a half-century, David Tocci has taken meticulous care of the properties and has historically maintained 100% occupancy. Mr. Tocci did not actively market the properties for sale and opted to sell after establishing a relationship with an area developer with a similar long-term vision for the asset, according to Frey.

Frey noted, the buyer, an associate of Intrum Corp., recognized the long-term viability of the properties which aligned well with their strategic approach of acquiring well-located, multi-tenanted office, industrial, and flex properties in the Boston market.